Taxes
HRRT is an acronym for this.
What is Hampton Roads Regional Tax?
This stands for Power of Attorney
What is POA?
The core seven cities making up Hampton Roads
What are Virginia Beach, Chesapeake, Newport News, Hampton, Suffolk, Norfolk, Portsmouth?
It must be deposited within two business days from Ratification Date.
What is the EMD?
True or False: Lead Based Paint Disclosure is required for property constructed prior to 1968.
What is True?
It is 0.0006% of the purchase price or assessed price, whichever is higher
What is the HRRT?
True or False: The original POA is not required for a POA signing.
What is False?
The three main types of financing
What are VA, FHA, and Conventional?
The buyer must apply for financing within this many days of ratification
What is within seven days of ratification?
The "items" falling under the cap in paragraph 13
What are appraisal required repairs, termite/moisture required repairs, well/septic required repairs, and walk-through repairs (unless waived)?
It is 0.001% of the purchase price or assessed price, whatever is higher
What is Grantor's tax?
That the POA have a specific interest rate and purchase price, address, not to exceed same
What is a VA loan POA requirement (genreally)?
It is this document that the Settlement Agent disburses funds from
What is the ALTA.
The timeframe in which buyer needs to provide written notice to seller of a loan denial.
What is three days of any communication of loan denial?
REIN is an acronym for this:
What is Real Estate Information Network?
The amount which taxes are based off of...
What is the higher of the purchase price or assessed value?
The POA itself and a POA affidavit
What two documents must be recorded when there is a POA signing?
These are two items that buyers need to bring to closing
What are a valid government issued photo ID and certified funds.
The timeframe in which Buyer shall notify the Seller, Listing Firm, and Selling Firm, in writing, of the Buyer's material adverse change in Buyer's financial position.
What is three days from Buyer's actual notice of the material adverse change in Buyer's financial position?
True or False: Buyer needs to obtain written permission from seller to change lenders
What is True?
DOUBLE JEOPARDY
The settlement fee for Hanger Law Services for a financing purchase
DOUBLE JEOPARDY
What is $500? (as of 04/02/2025)
The cost of a POA Hanger Law drafts when doing the closing
What costs 150.00?
This person and firm are some of The Gelzinis Group's biggest supporters (2 answers)
What/Who are Lindsay Barton and Hanger Law.
The timeframe in which the Buyer can terminate the contract due to the Common Interest Community documents.
What is three days from receipt of the POA/HOA docs?
The two reasons the Settlement Date may be extended based on the automatic extension (if not stricken out).
What is processing and closing the specified loan and/or correcting any title defects?